As the credit crisis in residential housing causes investors to throw away all banks and finance companies, the management at Northstar (a commercial mortgage REIT) seems almost jubilant in the opportunities this market has given them to buy assets for pennies on the dollar. They own commercial mortgages and some real estate, mainly hospitals. (Imagine that, a mortgage company that owns property - because it wants to.)
Northstar stopped lending money and stopped buying mortgage securities long before most anyone else did, keeping plenty of liquidity for the storm that is taking out all those that didn't. As of their 6/4/8 conference call they still had no credit defaults and most of their mortgage securities are vintage - with loan to value of less than 80%. They increased liquidity and have been waiting for just the right time to let the bottom fall out of the market before dipping their feet to buy good performing assets at rock bottom prices that failing institutes are being forced to liquidate in order to raise capital in their effort to survive.